Marine Engines Market Synopsis:
Marine Engines Market Size Was Valued at USD 12.69 Billion in 2023, and is Projected to Reach USD 17.88 Billion by 2032, Growing at a CAGR of 3.88 % From 2024-2032.
The Marine Engines Market refers to the manufacture, supply, and use of engines intended to propel a range of marine vessels such as cargo ship, tankers, ferries, and recreational vessels. These engines are essential for optimum and dependable performance in marine use; for the primary required power for ships’ movement as well as electrical and other auxiliary power onboard. The market comprises numerous engines including diesel, gas, dual fuel engines based on power output and eco-sustainability.
Marine engines market is gradually rising because the need for sea transportation, sea fishing, and leisure sea voyages has also shifted upwards across the world. In this result, as the import and export business is increasing in the global market, the demand for marine engines that can provide reliable solutions for the strain of transporting goods and materials particularly within the shipping industry has likewise increased. In addition, developments in engine solutions, including improving fuel consumption and lowering pollutant releases, which change the market and help operators meet strict environmental standards of the IMO sulfur limit.
Besides the core market segments, the other rising area is the recreational boating segment, attributed to the rising per head disposable cash and vacation trips. The market is also benefited from government incentives for the construction of environmentally friendly solutions in maritime transport, including LNG and hybrid engines. In addition, investments in port infrastructure and naval defense also increase the number of applications added to the list of the marine engines market.
Marine Engines Market Trend Analysis:
Shift Towards Sustainable and Dual-Fuel Engines
- One target of change emerging on the marine engines market is the use of sustainable and dual-fuel engines. Climatology is gradually gaining importance and marine engine manufacturers are shifting their attention to build marine engines to run on different kinds of LNGs and hydrogen. Flexibility that comes with the dual fuel engines those that operates on both the traditional as well as on the new streams of fuel is becoming popular, besides the fact that they meet the environmental regulations. This trend corresponds with the general move to dematerialize the commercial marine industry and make use of environmentally friendly products.
Growth in Offshore Energy and Exploration Activities
- The liberation of offshore energy and exploration offer the marine engines market a good chance for growth. AS the demand for energy increases there has been a great focus on investing in offshore oil and gas drilling and renewable energy sources such as offshore wind power. These activities need powerful marine engines that are used in drilling, construction and maintenance ships among others. Moreover, the production of deep-sea mining projects would open a new opportunity for the manufacturers of marine engines because deep-sea mining vessels have to be specially designed.
Marine Engines Market Segment Analysis:
Marine Engines Market is Segmented on the basis of Engine Type, Power Output, Fuel Types, and Region
By Engine Type, Diesel segment is expected to dominate the market during the forecast period
- Despite a growing demand for electric and gas power plants in the maritime industry, it is projected that Diesel segment will remain the leading Marine Engines segment throughout the forecast period because it is widely used in commercial, industrial, and recreational buoy. These engines are favored for their efficiency in terms of fuel consumption, reliability and capacity to produce high power at slow rpm’s required for maritime transport. Modern developments have even improved the capabilities and degree of polluting of the environment related to diesel engines hence giving them a better market despite the competitive technologies for other types of fuels.
By Power Output, less than 10,000 KW segment expected to held the largest share
- The Less Than 10,000 KW is likely to be the largest marine engines market share segment. These engines are mostly used in the low to medium rating power application such as fishing vessels, tugging boats, ferries and other peoples that comprise a handsome proportion of world’s fleet. Engines in this power range are developed because of its low cost, easy maintenance and that it is utilized in various processes. Again, assisted by increased recreational boating, as well as an increasing numbers of coastal and inland watercraft.
Marine Engines Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- The market for marine engines is expected to have North America as the leading region contributing this portion of the global revenue during the estimated period. This dominance is attributed by the great number of sea-going vessels – commercial and recreational in this region. The United States emerges as the leading nation in the region given its large mercantile fleet, its operation of naval warships and coast guard, and recreational boating traditions.
- Major players in marine engine manufacturers are located in North America which, combined with a strong emphasis on technological advancement helps to sustain the market leadership. Also, there is a favorable regulatory environment in the region for the use of cleaner and more efficient marine engines which will also fuel the need. A rise in the shipping and fishing business is contributing to the growth of the region’s economy. The economic development in this region, the infrastructure development, and investment in the modernization of this region’s maritime fleet establish North America as a key player in the global marine engines market. More cross-border trade activities and relatively rising energy exploration in the Gulf of Mexico contributed to the region's growth path.
Active Key Players in the Marine Engines Market:
- AB Volvo (Sweden)
- Caterpillar Inc. (USA)
- Cummins Inc. (USA)
- Deutz AG (Germany)
- GE Marine (USA)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Kawasaki Heavy Industries, Ltd. (Japan)
- MAN Energy Solutions (Germany)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Rolls-Royce Holdings plc (UK)
- Scania AB (Sweden)
- STX Engine (South Korea)
- Wärtsilä Corporation (Finland)
- Weichai Power Co., Ltd. (China)
- Yanmar Co., Ltd. (Japan)
- Other Active Players
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Marine Engines Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 12.69 Billion |
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Forecast Period 2024-32 CAGR: |
3.88 % |
Market Size in 2032: |
USD 17.88 Billion |
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Segments covered |
By Engine Type |
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By Power Output |
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By Fuel Type |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Marine Engines Market by Engine Type
4.1 Marine Engines Market Snapshot and Growth Engine
4.2 Marine Engines Market Overview
4.3 Diesel Engine Gas Turbine Hybrid Engine Others
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Diesel Engine Gas Turbine Hybrid Engine Others: Geographic Segmentation Analysis
Chapter 5: Marine Engines Market by Power Output
5.1 Marine Engines Market Snapshot and Growth Engine
5.2 Marine Engines Market Overview
5.3 Less than 10
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Less than 10: Geographic Segmentation Analysis
5.4 000 kW 10
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 000 kW 10: Geographic Segmentation Analysis
5.5 000 kW to 30
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 000 kW to 30: Geographic Segmentation Analysis
5.6 000 kW Above 30
5.6.1 Introduction and Market Overview
5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.6.3 Key Market Trends, Growth Factors and Opportunities
5.6.4 000 kW Above 30: Geographic Segmentation Analysis
5.7 000 kW
5.7.1 Introduction and Market Overview
5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.7.3 Key Market Trends, Growth Factors and Opportunities
5.7.4 000 kW: Geographic Segmentation Analysis
Chapter 6: Marine Engines Market by Fuel Type
6.1 Marine Engines Market Snapshot and Growth Engine
6.2 Marine Engines Market Overview
6.3 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Marine Engines Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 AB VOLVO (SWEDEN)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 CATERPILLAR INC. (USA)
7.4 CUMMINS INC. (USA)
7.5 DEUTZ AG (GERMANY)
7.6 GE MARINE (USA)
7.7 HYUNDAI HEAVY INDUSTRIES CO. LTD. (SOUTH KOREA)
7.8 KAWASAKI HEAVY INDUSTRIES
7.9 LTD. (JAPAN)
7.10 MAN ENERGY SOLUTIONS (GERMANY)
7.11 MITSUBISHI HEAVY INDUSTRIES
7.12 LTD. (JAPAN)
7.13 ROLLS-ROYCE HOLDINGS PLC (UK)
7.14 SCANIA AB (SWEDEN)
7.15 STX ENGINE (SOUTH KOREA)
7.16 WÄRTSILÄ CORPORATION (FINLAND)
7.17 WEICHAI POWER CO. LTD. (CHINA)
7.18 YANMAR CO. LTD. (JAPAN)
7.19 OTHER ACTIVE PLAYERS
Chapter 8: Global Marine Engines Market By Region
8.1 Overview
8.2. North America Marine Engines Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Engine Type
8.2.4.1 Diesel Engine Gas Turbine Hybrid Engine Others
8.2.5 Historic and Forecasted Market Size By Power Output
8.2.5.1 Less than 10
8.2.5.2 000 kW 10
8.2.5.3 000 kW to 30
8.2.5.4 000 kW Above 30
8.2.5.5 000 kW
8.2.6 Historic and Forecasted Market Size By Fuel Type
8.2.6.1 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Marine Engines Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Engine Type
8.3.4.1 Diesel Engine Gas Turbine Hybrid Engine Others
8.3.5 Historic and Forecasted Market Size By Power Output
8.3.5.1 Less than 10
8.3.5.2 000 kW 10
8.3.5.3 000 kW to 30
8.3.5.4 000 kW Above 30
8.3.5.5 000 kW
8.3.6 Historic and Forecasted Market Size By Fuel Type
8.3.6.1 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Marine Engines Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Engine Type
8.4.4.1 Diesel Engine Gas Turbine Hybrid Engine Others
8.4.5 Historic and Forecasted Market Size By Power Output
8.4.5.1 Less than 10
8.4.5.2 000 kW 10
8.4.5.3 000 kW to 30
8.4.5.4 000 kW Above 30
8.4.5.5 000 kW
8.4.6 Historic and Forecasted Market Size By Fuel Type
8.4.6.1 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Marine Engines Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Engine Type
8.5.4.1 Diesel Engine Gas Turbine Hybrid Engine Others
8.5.5 Historic and Forecasted Market Size By Power Output
8.5.5.1 Less than 10
8.5.5.2 000 kW 10
8.5.5.3 000 kW to 30
8.5.5.4 000 kW Above 30
8.5.5.5 000 kW
8.5.6 Historic and Forecasted Market Size By Fuel Type
8.5.6.1 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Marine Engines Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Engine Type
8.6.4.1 Diesel Engine Gas Turbine Hybrid Engine Others
8.6.5 Historic and Forecasted Market Size By Power Output
8.6.5.1 Less than 10
8.6.5.2 000 kW 10
8.6.5.3 000 kW to 30
8.6.5.4 000 kW Above 30
8.6.5.5 000 kW
8.6.6 Historic and Forecasted Market Size By Fuel Type
8.6.6.1 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Marine Engines Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Engine Type
8.7.4.1 Diesel Engine Gas Turbine Hybrid Engine Others
8.7.5 Historic and Forecasted Market Size By Power Output
8.7.5.1 Less than 10
8.7.5.2 000 kW 10
8.7.5.3 000 kW to 30
8.7.5.4 000 kW Above 30
8.7.5.5 000 kW
8.7.6 Historic and Forecasted Market Size By Fuel Type
8.7.6.1 Heavy Fuel Oil (HFO) Marine Diesel Oil (MDO) Liquefied Natural Gas (LNG) Others
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
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Marine Engines Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 12.69 Billion |
|
Forecast Period 2024-32 CAGR: |
3.88 % |
Market Size in 2032: |
USD 17.88 Billion |
|
Segments covered |
By Engine Type |
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By Power Output |
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By Fuel Type |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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